How many bitcoin does one ether buy, and has ether been beating bitcoin? This chart shows the ETH/BTC ratio from the real ETHBTC trading pair on the Bybit exchange since August 2021, and ether divided by bitcoin in US dollars back to January 2019, with a swap test that includes trading costs.
Point at the chart or tap it to read any day.
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Purple: ether. Gold: bitcoin. Both start at 0% on the first date (log scale).
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ETH/BTC is the price of one ether in bitcoin. When it rises, ether did better than bitcoin; when it falls, bitcoin did better, whether both went up or down in dollars. The gold line is the ETHBTC pair on Bybit's spot market, where ether trades directly against bitcoin. The purple line divides the ETHUSD close by the BTCUSD close from Bybit's dollar contracts on the same day, which reaches back to January 2019.
Pick a source and a range, and point at the chart to read ether, bitcoin and the ratio on any day. The panel below compares ether and bitcoin between any two dates. When both dates fall inside the ETHBTC history, it also swaps one bitcoin into ether on the first date and back on the second, with a 0.1% fee and 0.05% slippage on each swap, and compares the result with simply holding the bitcoin.
The ETHBTC pair closed at 0.032009 BTC on September 25, 2026. That is 63.6% below its highest close, 0.087953 on December 8, 2021, and 77.3% above its lowest, 0.018051 on April 21, 2025. Over the last 90 days the ratio rose 22.1%, but it was 10.0% lower than a year earlier and 47.3% lower than three years earlier. On 77.8% of the days since the pair started, it closed higher than it did on September 25.
Measured with the dollar contracts from January 25, 2019, ether rose from $115.05 to $2,689.36, +2,237.6%, and bitcoin from $3,560.50 to $84,029.10, +2,260.0%. After nearly eight years the two ended almost level, and the ratio moved from 0.032313 to 0.032005.
The path in between was anything but level. The ratio fell to 0.016401 on September 6, 2019. Measured in bitcoin, ether then gained 41.8% in 2020 and 212.9% in 2021, and the ratio peaked on December 8, 2021. Bitcoin did better in every calendar year since: ether lost 9.2% against it in 2022, 25.4% in 2023, 33.9% in 2024 and 5.0% in 2025, and 5.6% in 2026 through September 25.
The swap test shows how much the timing mattered. Swapping 1 BTC into ether a year before the last close and back at the last close returned 0.8977 BTC after costs. Doing it on August 3, 2021, the first day of the pair, returned 0.4861 BTC, and doing it at the ratio's highest close returned 0.3628 BTC. Swapping at the lowest close, on April 21, 2025, returned 1.7679 BTC, though the low was only known afterwards. Each result already pays a 0.1% fee and 0.05% slippage on both swaps, together about 0.3% of the trade.
On the 1,880 days both exist, the ETHBTC close and ETHUSD divided by BTCUSD differed by a median of 0.025% and by at most 0.5% on 99.9% of days. The largest gap was 0.96%. Small gaps are expected: the three daily candles end at the same moment, but each market trades on its own, and the dollar contracts are perpetual futures, not spot coins.
To see how ether ranks against a much wider group of coins, the altcoin season index counts how many of the 50 most traded coins beat bitcoin. The bitcoin investment calculator values a single purchase of either coin, and the bitcoin RSI chart measures momentum for both.
Educational, not financial advice. The chart shows how ether and bitcoin moved against each other in the past. It does not predict the ratio or recommend buying or selling either coin.
The last close in this data is 0.032009 BTC per ether, on September 25, 2026, from the ETHBTC pair on Bybit. The same day, ether closed at $2,689.36 and bitcoin at $84,029.10 on Bybit's dollar contracts.
In this data the highest daily close was 0.087953 BTC on December 8, 2021. The ETHBTC pair starts in August 2021 and the dollar contracts in January 2019, so earlier years are not covered.
The ETHBTC pair's lowest close was 0.018051 on April 21, 2025. Measured with the dollar contracts since 2019, the lowest was 0.016401 on September 6, 2019.
It depends on the dates. In the 90 days to September 25, 2026 the ratio rose 22.1%, so ether did better. Over one year it fell 10.0% and over three years 47.3%, so bitcoin did better. Since January 2019 the two ended almost level.
It is ether's price divided by bitcoin's. With the last dollar closes here, $2,689.36 divided by $84,029.10 gives 0.032005, close to the ETHBTC pair's own close of 0.032009.